Gas prices remain steady locally, statewide
- Author: Douglas Reid Feb 14, 2017,
Feb 14, 2017, 0:42
That is the same costs that were reported in the previous week's survey.
Nationally, prices gained 1.4 cents a gallon, to $2.27, GasBuddy said in a statement. Patrick DeHaan with gasbuddy.com says that demand for gas will likely start to go up over the next few weeks, and generally the national average rises between 35 and 65 cents more February through the Memorial Day holiday weekend. A regular gallon of unleaded self-service gasoline in MI will run you $2.31. That's up 7 cents from last week and about 80 cents more than this time past year. Hence, economics principle 101: Lower supply equals higher prices.
Along with higher demand for gasoline, trends in the oil market could push prices higher.
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"Gas prices should remain steady in the near-term before taking their seasonal upswing as we head into the spring". The national average has decreased 7 cents during the past month and is 60 cents a gallon higher than one year ago.
U.S crude oil production is forecast to average 9 million barrels per day in 2017 and 9.5 million barrels per day in 2018.
NY state's average gas price Sunday was 48.4 cents per gallon higher than the same day a year ago but 7.1 cents lower than a month ago. The EIA also expects West Texas Intermediate (WTI) crude oil prices to average about $54 per barrel in 2017.